Improved second quarter for Melco Resorts and Entertainment Limited

Asian casino operator Melco Resorts and Entertainment Limited has revealed its unaudited financial results for the second quarter showing a 21% increase year-on-year in net revenues for the three-month period to just over $1.29 billion.

The firm behind the City of Dreams Macau and nearby Studio City Macau developments, Melco Resorts and Entertainment Limited declared that revenues from its casino operations for the three months to the end of June rose by 22% year-on-year to $1.21 billion with similar improvements in room, retail, entertainment and food and beverage takings.

Previously known as Melco Crown Entertainment Limited until an early-April name-change, Hong Kong-listed Melco Resorts and Entertainment Limited also stated that its second-quarter operating income reached $127.44 million, which was a swell of 76% year-on-year, while improved rolling chip performance led to a 34% bump in adjusted property earnings before interest, tax, depreciation and amortization to $329.46 million.

Additionally responsible for the City of Dreams Manila and Altira Macau venues, Melco Crown Entertainment Limited proclaimed that all of this left it with net income for the second quarter of $36.47 million, which represented an advance of 18.5% year-on-year, although its total assets had fallen by 6.3% since the end of December to stand at $8.74 billion.

“Macau continues on its strong growth trajectory with all gaming segments delivering impressive year-on-year growth driven by improving tourism demographics and an ongoing improvement in player sentiment as well as an expansion of non-gaming amenities across Macau,” read a statement from Lawrence Ho Yau Lung, Chairman and Chief Executive Officer for Melco Crown Entertainment Limited. “As Macau evolves into a destination that offers a full breadth of gaming and non-gaming amenities to a wider range of customers from around the region, we are committed to ensuring our integrated resorts are well positioned to cater to these evolving trends.”

Regarding particular properties, Melco Crown Entertainment Limited detailed that City of Dreams Macau was the biggest contributor as its second-quarter operating income hit $127.84 million. This was due, in large part, to a 2.3% improvement year-on-year in net revenues to $644.6 million alongside an 18.7% rise in non-gaming income to $74.6 million.

“City of Dreams Macau is undergoing its final development phase that, upon completion, will result in our flagship integrated resort once again setting new benchmarks of luxury and premium-focused entertainment and hospitality, reflecting a culmination of over a decade of experience in serving high-end and increasingly discerning customers in Macau,” read the statement from Ho. “With the opening of Morpheus in the first half of 2018 and the redevelopment of The Countdown, the property will have approximately 2,100 five-star and luxury hotel rooms to complement the integrated resort’s already market-leading premium mass and direct VIP gaming amenities and other non-gaming offerings.”